The official statement marking the end of the Central Economic Work Conference on Sunday didn't include official 2013 targets, though the government is expected to announce an annual growth target of 7.5%, along with the CPI target, at the National People's Congress in early March. Consumer inflation grew just 2.7% y/y during the first 11 months of 2012, with prices only now beginning to tick up as the economy stages a moderate rebound from the mid-year slump.

The statement following the weekend's conference, an annual gathering of senior officials to hammer out policy priorities for the coming year, did suggest that the government will ease policy slightly in the year ahead.

"The government will appropriately expand the size of total social financing and maintain the reasonable growth of bank loans while lowering funding costs for the real economy," it said.